Holman Jenkins: Rethinking the Bailout - WSJ.com

Holman Jenkins: Rethinking the Bailout - WSJ.com: "Perhaps what he is getting at is the forest, not the trees?

In other words, the current hoopla in Washington (blogs, comments, etc.) is out there trying to shift the blame to the banks, the Federal Reserve, etc.

But, what Holman is trying to point out is that this is all misdirection and a mistake.

What is driving the problem is that all of these governments have promised their citizens too much - promises that can't be kept.

The modestly perspicacious understand that these promised benefit can't be paid; but, as with the striking unions in Greece, the blissful UAW that destroyed the equity in GM, etc.,
the vast majority of the population would like to 'believe' these promises can be kept.

Thus, congressmen (and women) are fleeing and not seeking re-election. Right now there is a stalemate, but this is only because there are some who'd like to start addressing the problem; while there are others (read especially Obama and Pelosi), who can't believe all these promises can't be paid for by more and more borrowing and that substantive changes don't have to be made.

Holman is genteelly saying the government is 'lying' about our problems! The problem is the entitlements that can't be afforded.

And, the longer it takes us to right our economic engine by investing more and consuming less and transferring less to those who 'want' but 'can't afford', the more difficult any corrective steps will be."